According to latest data, Bangladesh has been growing in exports, remittance and private credit, reports UNB.
In the first five months of this calendar year, Bangladesh’s garment exports to the European Union have increased by 45 percent. In addition, from January to June of this year, the export of clothing products to the US market has increased by 60.30 percent.
Not only Europe-America, but overall exports from Bangladesh increased by 14.72 percent in the first month of the current fiscal year 2022-23, in July, compared to the same period of the previous fiscal year. And in June, the export growth was 37.19 percent.
On the other hand, Bangladesh Bank data shows, in July private credit growth reached 13.96 percent to Tk 13.52 lakh crore.
Bank officials say that many have taken up new projects. Many others are increasing productivity. Housing, car, and personal loans have also increased this year due to low-interest rates. In addition, the price of the dollar has increased by more than 20 percent in the last four months.
Although in the announced monetary policy till December this year, the growth in private sector credit is targeted 13.6 percent. As a result, the monetary policy target of credit growth has already been exceeded.
According to the latest data of Bangladesh Bank, the country received inward remittance worth USD $2.03 billion in August showing hope to ease the forex crisis through this upward trend of remittance.
In July, the first month of FY 2022-23, expatriate sent $2.09 billion remittance, which was highest in last 14 months. The inward remittance flow was $1.87 billion in July and $1.81 billion in August in FY 2021-22.
The sector insiders said that Bangladesh’s inward remittance flow will grow more as manpower export hit a new high in the past fiscal on a post-pandemic rebound of the overseas job market.
Bd-pratidin/Ishrar Tabassum
